Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

证券代码：000998 证券简称：隆平高科 公告编号：2025-07 袁隆平农业高科技股份有限公司 关于子公司为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 袁隆平农业高科技股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日、 2024 年 5 月 20 日分别召开第九届董事会第十次会议、2023 年度股东大会审议通 过了《关于子公司向银行申请综合授信并提供担保的议案》，同意子公司为子公 司提供担保额度 500,000.00 万元人民币（或等值外币），担保方式为连带责任保 证担保或子公司资产抵押担保等，具体以签订的合同为准。本次担保额度有效期 为公司2023年度股东大会审议通过之日起至2024年度股东大会审议通过召开之 日止。具体内容详见公司于 2024 年 4 月 29 日刊登在巨潮资讯网（http://www.cn info.com.cn）上的《关于子公司向银行申请综合授信并提供担保的公告》。 二、本次担保进展情况 为满足公司并表范围内子公司 LONGPING HIGH-TECH BIOTECNOLOGIA LT ...

证券代码：000998 证券简称：隆平高科 公告编号：2025-06 袁隆平农业高科技股份有限公司 关于控股子公司与深圳开鸿数字产业发展有限公司 共同投资设立数字化农业公司的自愿性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 在践行国家农业安全、核心关键技术自主可控的背景下，数字农业已成为全 球农业科技发展的重要战略方向，农业数据安全、系统安全已成为农业强国战略 的重要基石。为打造先进的数字化农业服务体系、通过数字化手段助力农业产业 链发展，袁隆平农业高科技股份有限公司（以下简称"公司"）控股子公司隆平 高科信息技术（北京）有限公司（以下简称"隆平信息"）拟与深圳开鸿数字产 业发展有限公司（以下简称"深开鸿"）签订《投资合作协议》，共同投资设立 隆平开鸿农业科技（北京）有限公司（以下简称"隆平开鸿"或"目标公司"， 最终名字以登记机关核准登记或备案为准）。目标公司每 1 元注册资本对应的出 资对价为 1 元，隆平信息拟以 4,000 万元认缴目标公司注册资本 4,000 万元，对 应目标公司的持股比例为 47.06%。 根据《深圳证券交易所股票上市规则 ...

证券代码：000998 证券简称：隆平高科 公告编号：2025-05 袁隆平农业高科技股份有限公司 关于转让全资子公司部分股权的公告 为推动蔬菜瓜果种子业务的全面升级，进一步提升袁隆平农业高科技股份有 限公司（以下简称"公司"）在蔬菜瓜果种子等细分领域的竞争力和市场影响力， 基于与 Mitsui & Co., Ltd.（三井物产株式会社，以下简称"三井物产"）的友好 合作，公司拟向三井物产或其指定主体出售全资子公司天津德瑞特种业有限公司 （以下简称"德瑞特"）34%股权，对应注册资本 170 万元，转让价格为 48,960 万元。本次交易完成后，公司持有德瑞特 66%股权，本次交易不会导致公司合并 范围发生变化。 公司第九届董事会第十七次（临时）会议以同意票 9 票，反对票 0 票，弃权 票 0 票，审议通过了《关于转让天津德瑞特种业有限公司 34%股权的议案》。根 据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公司章程》等规定，本次交易不构成关联 交易，亦不构成《上市公司重大资产重组管理办法》规定的上市公司重大资产重 组。本次事项在公司董事会审批 ...

袁隆平农业高科技股份有限公司（以下简称"公司"）第九届董事会第十七 次（临时）会议采用通讯方式召开和表决。根据《中华人民共和国公司法》（以 下简称《公司法》）及《袁隆平农业高科技股份有限公司章程》（以下简称《公 司章程》）的有关规定，本次会议的通知以电子邮件方式于 2025 年 3 月 9 日送达 公司全体董事、监事和高级管理人员。本次会议的召集和召开符合《公司法》及 《公司章程》的有关规定。截至 2025 年 3 月 17 日，公司董事会办公室共计收到 9 位董事的有效表决票，现根据董事表决意见形成如下决议： 审议通过了《关于转让天津德瑞特种业有限公司 34%股权的议案》 同意公司与Mitsui & Co., Ltd.（三井物产株式会社，以下简称"三井物产"） 签订《股份购买协议》，将公司持有的天津德瑞特种业有限公司（以下简称"德 瑞特"）34%股权转让给三井物产或其指定主体，对应注册资本为170万元，转让 价格为48,960万元。本次交易完成后，公司持有德瑞特66%股权，本次交易不会导 致公司合并范围发生变化。 本议案的详细内容见公司于同日刊登在《中国证券报》《上海证券报》《证 券时报》及巨潮资讯网（ht ...

Investment Rating - The industry is rated as "Buy" [4] Core Viewpoints - The current market for pig farming shows a low price fluctuation, with the average price of live pigs at 14.57 yuan/kg, a week-on-week increase of 0.48% [19] - The average weight of pigs at slaughter is 127.92 kg, which has increased by 0.68 kg week-on-week, indicating a rising inventory level [19] - The report highlights a significant increase in piglet sales, with a year-on-year growth of 181.22% in the first two months of the year [2] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.84% compared to the Shanghai Composite Index's 1.39% increase [10] - The sub-sectors within agriculture showed varied performance, with aquaculture and animal health sectors leading the gains [10] 2. Key Data Tracking - The average price of piglets is 34.08 yuan/kg, reflecting a week-on-week increase of 4.03% [19] - The average weight of pigs sold has increased, indicating a trend towards higher weights in the market [19] - The inventory levels in slaughterhouses are rising, with a cold storage capacity utilization rate of 13.76%, up by 0.44 percentage points [19] 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods, Wens Foodstuff Group, and Shennong Group [3] - It suggests that the feed and veterinary sectors will benefit from a rebound in pig prices, recommending Hai Da Group for investment [3] - The seed industry is highlighted as having investment opportunities due to stabilizing grain prices and advancements in genetically modified crops, with companies like Suqian Agricultural Development and Beidahuang being recommended [3] 4. Market Trends - The report notes that the pig farming sector is experiencing a significant increase in output, with a total of 2,806.15 million pigs sold in January and February, a year-on-year increase of 20.92% [2] - The prices of feed ingredients such as corn and wheat are showing upward trends, while soybean meal prices are declining, indicating a mixed outlook for feed costs [42]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector shows slight inertia growth in breeding stock, highlighting the undervaluation and expectation gap in the sector [3][16] - The poultry sector emphasizes the fundamentals of white chickens and the marginal changes in breeding imports [17][18] - The feed sector recommends Hai Da Group due to its fundamental turning point and relatively low valuation [21] - The pet sector sees a rise in domestic brands and a positive trend in pet food exports [25][26] Summary by Sections Pig Sector - As of March 8, the national average pig price is 14.68 CNY/kg, remaining stable week-on-week, with a profit of approximately 154 CNY per head for self-breeding farms [1][15] - The supply side shows an average market weight of 127.06 kg for pigs, with a 4.23% share of pigs over 150 kg, indicating a potential seasonal decline in prices due to weak demand [2][15] - The sector is characterized by low valuations, with major companies like Muyuan and Wens below 2000 CNY per head, suggesting a historical low valuation [3][16] Poultry Sector - The white chicken sector faces uncertainty in breeding imports due to outbreaks of avian influenza, leading to a significant drop in domestic breeding stock [4][17] - Chicken prices have rebounded, with the average price for live chickens in Shandong at 3.30 CNY per bird, supported by positive restocking sentiment [4][18] - Investment recommendations include Shengnong Development and attention to Yisheng and Minhe [5][18] Feed Sector - Hai Da Group is recommended due to its market share increase and expected improvement in the aquaculture feed market after a prolonged downturn [21] - Prices for various aquatic products have shown significant increases, indicating a potential recovery in the aquaculture sector [21] Pet Sector - Domestic brands like Guibao Pet are expanding their market share through independent brand operations, targeting different price segments [25][26] - Pet food exports have seen a substantial increase, with a year-on-year growth of 26% in volume and 22% in value, reflecting a robust market [25][26] Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing agricultural productivity and competitiveness among leading seed companies [23][24] - The low-altitude economy is projected to grow significantly, with policies supporting the development of smart agriculture and drone applications [23][24]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Views - The pig sector shows a divergence between pig prices and piglet prices, with pig prices rebounding while piglet prices continue to decline. The average price of pigs is 14.87 CNY/kg, up 1.09% from last week, with an average profit of approximately 225 CNY per head for self-breeding and self-raising operations [1][15] - The poultry sector is experiencing low valuations and elasticity, particularly in the white chicken segment, where supply pressures are exacerbated by restrictions on overseas breeding imports due to avian influenza outbreaks [3][17] - The feed sector is recommended for investment due to a fundamental turning point and relatively low valuations, with Hai Da Group highlighted as a key player [5][21] Summary by Sections Pig Sector - Pig prices have rebounded, with an average price of 14.87 CNY/kg as of February 22, 2025, while piglet prices are declining, indicating a potential short-term weakness in piglet pricing [1][15] - Supply remains low with an average slaughter weight of 125.68 kg, and the proportion of pigs over 150 kg is 4.11% [1][15] - The sector is considered undervalued, with major companies like Muyuan Foods and Wens Foodstuffs having head valuations below 2000 CNY per head, suggesting potential for recovery [2][16] Poultry Sector - The white chicken segment faces supply pressure due to halted overseas breeding imports, leading to a significant drop in domestic breeding stock [3][17] - Chicken prices have stabilized, with the average price for live chickens at 2.80 CNY per bird, and expectations for price recovery as processing plants resume operations [3][17] - Investment recommendations include Shengnong Development and other companies in the poultry sector due to anticipated demand recovery [4][18] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed after a prolonged downturn [5][21] - The prices of various aquatic products have shown a mixed trend, with some prices increasing due to supply constraints [5][21] Seed and Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing the competitiveness of leading seed companies [7][23] - The low-altitude economy is identified as a growth area, with significant potential for agricultural applications of drones [7][23] Pet Sector - Domestic pet brands are rapidly growing, with significant sales increases in pet food, indicating a robust market for local brands [9][25] - Pet food exports have also seen substantial growth, reflecting a healthy export market [9][25] - Recommended companies in the pet sector include Guibao Pet and Zhongchong Co., Ltd. due to their strong market positions [9][27]